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43 <br /> Model Conservation Easement Revised <br /> 11. TERMINATION OF EASEMENT. If it is determined by a court with <br /> jurisdiction that conditions on or surrounding the Property have changed so much that it is <br /> impossible to fulfill the conservation purposes set forth above, a court with jurisdiction may, at <br /> the joint request of both the Grantor and Grantees, terminate this Conservation Easement. <br /> If condemnation of a part of the Property or of the entire Property by public authority <br /> renders it impossible to fulfill any of these conservation purposes, the Conservation Easement <br /> may be terminated by a court with jurisdiction. <br /> At the time of the conveyance of the Conservation Easement to the Grantees, this <br /> Conservation Easement gives rise to a real Property right, immediately vested in the Grantees. If <br /> the easement is terminated and the Property is sold or taken for public use, then, as required by <br /> Sec. 1.170A-14(g)(6) of the IRS regulations, the Grantees shall be entitled to a percentage of the <br /> gross sale proceeds or condemnation award(minus any amount attributed to new improvements <br /> made after the date of the conveyance, which amount shall be reserved to the Grantor), equal to <br /> the ratio of the appraised value of this easement to the unrestricted fair market value of the <br /> Property, as these values are determined on the date of this Conservation Easement. The <br /> Grantees shall use the proceeds consistently with the conservation purposes of this Conservation <br /> Easement. <br /> 12. PROCEDURE IN THE EVENT OF CONDEMNATION OR EMINENT <br /> DOMAIN. Grantor and Grantees recognize that the partial sale of this Conservation Easement <br /> gives rise to a property right, immediately vested in the Grantees, with a fair market value equal <br /> to the proportionate value that the Conservation Easement bears to the value of the Grantor's <br /> Property prior to the restrictions imposed by the Conservation Easement. Accordingly, if any <br /> condemnation or eminent domain action shall be taken, on all or part of the Grantor's Property, <br /> by any authorized authority, said authority shall be liable to the Grantees for the value of the <br /> property right vested in the Grantees at the time of the signing of this Conservation Easement. <br /> If condemnation or a taking by eminent domain of a part of the Grantor's Property or the <br /> entire Property by a public authority renders it impossible to fulfill any of the conservation <br /> purposes of this Conservation Easement on all or part of the Property, this Conservation <br /> Easement may be terminated or modified accordingly through condemnation proceedings. <br /> Grantor and Grantees agree that this Conservation Easement is a currently vested real property <br /> right with a value equal to the proportionate value of the Conservation Easement to the <br /> unencumbered value of the fee, as of the date of this Conservation Easement. If the <br /> Conservation Easement is terminated or modified and any or all of the Grantor's Property is sold <br /> or taken for public use, then, as required by Section 1.170A-14(g)(6) of the IRS regulations, the <br /> Grantees shall be entitled to the proportionate value of the Conservation Easement, which has <br /> been predetermined at sixty percent(60%) of the Property's unrestricted value, subject to any <br /> applicable law that expressly requires for a different disposition of the proceeds. <br /> Page 15 of 22 <br />